Regarded by analysts to be the result of tensions during the Cold War, the spy novel reached the zenith of its sales in the 1960s, when most Americans perceived the U.S.S.R. like a constant threat.

A. Regarded by analysts to be the result of tensions during the Cold War, the spy novel reached the zenith of its sales in the 1960s, when most Americans perceived the U.S.S.R. like a constant threat.

B. The spy novel, regarded by analysts to be the result of tensions during the Cold War, reached the zenith of its sales in the 1960s, when most Americans perceived the U.S.S.R. to be a constant threat.

C. Regarded by analysts as the result of tensions during the Cold War, in the 1960s the spy novel reached the zenith of its sales, when most Americans perceived the U.S.S.R. like a constant threat.

D. Reaching the zenith of its sales in the 1960s, the spy novel was regarded by analysts as the result of tensions during the Cold War, when most Americans perceived the U.S.S.R. as a constant threat.

E. Regarded by analysts as the result of tensions during the Cold War, sales of the spy novel reached their zenith in the 1960s, when most Americans perceived the U.S.S.R. as a constant threat.

[spoiler]OA:E[/spoiler]
My doubt is why D is rejected. Got some links which says "Reaching the zenith of its sales in the 1960s" incorrectly modifying spy novel while ideally it should modify sales. However I feel "its" in the above adjective modifer, makes correctly pointing to spy novel and hence correct..Am I missing something modifying rule here??

Appreciate your help on this one..